7th Jul 2015 06:41
LONDON (Alliance News) - RSA Insurance Group PLC Tuesday named Scott Egan, the interim chief executive of UK competitor Towergate Insurance, as its new chief financial officer.
Egan is expected to join the FTSE 100 insurer in the fourth quarter of 2015, with the exact date to be confirmed at a later date, succeeding Richard Houghton, who stood down from the board of directors in May of this year. An RSA spokesperson told Alliance News that Houghton will leave the group at the end of this week.
The new finance boss joins an insurer undergoing a turnaround strategy being led by formed Royal Bank of Scotland Group PLC boss Stephen Hester, who is selling off non-core assets and cutting costs to return RSA to health.
Hester, who joined RSA in February 2014 following an accounting scandal in its Ireland operations, welcomed Egan to the group.
"Scott's appointment is another positive step in building a strong and valuable RSA," Hester said in a statement.
Egan, who was the chief financial officer of Brit Insurance Holdings before joining Towergate, will be paid GBP525,000 per year.
"He will be eligible to participate in the company?s incentive plans and receive other customary employment benefits. Scott will also receive one-off awards to compensate for remuneration he will forfeit as a result of leaving his former employer, which will be disclosed once awarded," RSA said in a statement.
By Samuel Agini; [email protected]; @samuelagini
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